Land Securities begin work on two office developments.
The company have begun development on two high quality office developments.
Land Securities have begun construction on two office developments in central London.
One of these developments is the well known ‘Walkie Talkie’ tower in the financial district. The 690,000 square foot office project is set to be completed by 2014 and currently has no tenants signed up.
Land Securities held a ground-breaking ceremony today attended by George Iacobescu CBE and Robert Noel, the chief executive offices and managing director of the group respectively.
The company are working on the development in conjunction with the Canary Wharf Group Plc. The two companies have also been appointed the joint development managers which means they are also responsible for the leasing of the property.
The second development is a 230,000 square foot office complex in the Victoria district in West London. The company have also just received planning consent for a 75,000 square foot office in Cannon Street which is due to be completed by 2012.
“We were first off the block in terms of development plans a year ago and the results are bearing fruit. We expect 2011 will be a relatively tough year but we expect larger companies that are well funded to maintain demand,” commented Land Securities chief executive officer, Francis Salway.
Together the projects will add close to 1 million square feet of office space in the UK capital and with completion dates in the range of 2012 to 2014 Land Securities should easily capitalise on the current demand for high quality office space.